Categories: Ethereum

ClinTex CTi Aims to Lower Cost of New Medicine by Deploying Blockchain Technology

Click here to view original web page at www.ccn.com
Advertisement

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

It is no secret that developing and testing new medicines is notoriously time-consuming and costly, with this reflected in the price of the resulting products. Pharmaceutical companies might have deep pockets, but the process of bringing new medication to market is arguably still not as efficient as it might be. With the intersection of long-established industries and blockchain set to grow substantially in the foreseeable future, the pharmaceutical industry is inevitably becoming involved. Its reliance on research, high technology, and innovation make it one of the more progressive business sectors, so it is only natural that the industry would wish to decentralise and optimise by leveraging blockchain technology.

ClinTex CTi is aiming to lower the cost of medicine while lowering development costs for the pharmaceutical industry, thereby reducing the time it takes to bring new medicines to market.

What is ClinTex?

Malta/UK-based ClinTex operates in the pharmaceutical industry as a service provider. The company hopes to achieve its goals by using blockchain technology to revolutionise the way clinical trials are conducted. More specifically, it aims to ‘enhance clinical trial processes by providing tools to optimise operational efficiency, clinical data quality, and medical review.’

ClinTex CTi

ClinTex describes its CTi (Clinical Trials Intelligence) product as a ‘blockchain-powered data management platform for the clinical trials industry.’ CTi is essentially a decentralised database of clinical data, with the facility to host Dapps (decentralised apps). Seven separate Dapps will handle the management and optimization of the key pain points during clinical trials. ClinTex’s platform makes use of smart contracts running on a combination of both their private consortium blockchain and the Ethereum blockchain.

Reducing Sky-High Cost of Developing New Medicines

Research shows that it costs an eye-watering $2.5 billion to bring a new medicine to market, in an industry now worth $350 billion. 80% of clinical trials overshoot their projected release dates by 10.8 months on average, resulting in lost revenue of almost $8 million for each day a drug is delayed and drastically increasing the cost of new medicine.

ClinTex claims to have the solution in making decentralised machine learning accessible for clinical trials. It says this will allow users to make accurate predictions from data, without having prior expertise in optimising machine learning models – a first in the industry. CTi’s predictive analytics should flag up and prevent costly overruns, thereby reducing costs and the time needed to bring new medicines to market. These savings can be passed on to patients in the form of cheaper medicines, improving health and increasing longevity.

Advantages of Decentralised Technology for Clinical Trials

The quality and integrity of clinical data need to be verified by the FDA and other regulatory bodies, therefore a pharmaceutical company must record any changes to the data. A blockchain ledger does just that and so is ideal for this purpose. The developers of CTi claim that just as blockchain will facilitate the creation of a secure, decentralized database of clinical information, CTi’s machine learning algorithms will improve over time, providing an increasingly powerful predictive tool that will revolutionise clinical research.

Token Sale

The token sale for CLX, the native currency for CinTex’s CTi platform, is scheduled to take place in the fourth quarter of 2018.

Much to Play For

The pharmaceutical industry is a major global player, thereby presenting massive opportunities for decentralized technologies. Given the sheer number and cost of clinical trials, coupled with increasing demands from individual consumers and organizations for more affordable medicines, companies such as ClinTex could stand to reap considerable rewards by leveraging blockchain technology to improve current research methods.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: currency decentral decentralised decentralized eth ether ethereum blockchain platform

Recent Posts

  • Bitcoin Business

HALVING ‘MYTH’: Is everyone wrong about the Bitcoin halving?

HALVING ‘MYTH’: Why everyone's wrong about Bitcoin’s halving price spike Miners are accumulating and retail investors are piling in, in… Read More

1 hour ago
  • Bitcoin Business

Is Coin Market Cap STILL Providing False Volume Data?

Coin Market Cap , one of the most popular cryptocurrency analysis sites around, is allegedly reporting fake volumes all over… Read More

1 hour ago
  • Bitcoin Business

Crypto Base Scanner Team Releases An Ultimate Trading Software Service – The altrady Application

altrady is an online cryptocurrency trading application that provides a convenient platform for traders to buy and sell Bitcoin and… Read More

1 hour ago
  • Bitcoin Business

Tron Price Crashes by 20% as Justin Sun Stands Warren Buffet up

Today is not a great day for all of the Tron holder sin the cryptocurrency industry. Although this altcoin still… Read More

1 hour ago
  • Bitcoin Business

Bitcoin Hyper Launches the World’s Fastest Bitcoin, a Cryptocurrency for Real World Use

SLIEMA, Malta, July 23, 2019 /PRNewswire/ -- Bitcoin Hyper ("BHY"), an innovative new cryptocurrency that provides consumers with the ability… Read More

1 hour ago
  • Bitcoin Business

The Libra’s Cold Reception from Congress Shows Why We Need Bitcoin

Photo by André François McKenzie on Unsplash The hostile receptions Facebook's Libra coin received should be viewed as a validation… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More